South Africa - Personal
LPL Financial is an advisor-mediated marketplace which provides advisors with front-, middle- and back-office support. They service approximately 30 000 advisors, representing ~$1.8 trillion in assets, which continue to grow as they take market share from larger banks which provide less flexibility and financial opportunities to advisors. The business trades on 17x forward earnings but should deliver high teens earnings growth supported by structural growth tailwinds.
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